With markets hitting new highs I am often confronted by individuals questioning the need for professional guidance since their portfolios have experienced excellent returns in recent years. I most commonly see this when investors compare the returns of their unmanaged 401k versus a professionally allocated portfolio. When it comes to money and the markets, overconfidence can create the illusion that past successes resulted from intrinsic skill– causing many investors to forget the potential role of external forces or luck. It’s why overconfident investors think they can time the market, despite the high rate of failure for those who try. Overconfidence can also lead us to underestimate the possibility of a costly life event, such as illness, disability or elder care. While it’s tempting to view such events as unlikely or down the road, it’s important to be prepared financially just in case. Approaching the markets with too much blind confidence can lead to trouble with your finances, should disaster strike. Approaching investing without proper caution can undermine the wealth you’ve worked hard for. Fortunately, it doesn’t have to be your downfall. Start by taking an objective look at past successes. How much was due to your actions, versus external circumstances? What about good planning and advice? And how much was just sheer luck? Apply this objectivity to the future, too. If you have instincts regarding a certain investment, consider what’s motivating you. Objective research and information, or a talking head on the TV? Staying objective is difficult when your voice is the only one in the room. Any concerns voiced by family members is likely not a lack of confidence in you, but rather concern about your assumption that what was successful before will work equally as well going forward, when other factors can also impact your portfolio. Working with an advisor can help provide the information, resources and experience you need to make sound decisions regarding your wealth. Having an independent second opinion can help you invest with objectivity and make the right choices for you and your family. Keith Barberis, Financial Advisor of Raymond James Financial Services, is located at 7550 Wisconsin Ave Suite 420, Bethesda, MD 20814. Steward Partners Global Advisory LLC and Barberis Wealth Management at Steward Partners maintain a separate professional business relationship with, and our registered professionals offer securities through, Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services offered through Steward Partners Investment Advisory LLC. He can be contacted at 240.800.3447 or at keith.barberis@stewardpartners.com. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements. Views expressed are those of Keith Barberis and not necessarily those of Raymond James or RJFS, and are subject to change without notice. Information contained herein was received from sources believed to be reliable, but accuracy is not guaranteed. Past performance is not indicative of future results. There is no assurance these trends will continue or that forecasts mentioned will occur. Please note, changes in tax laws may occur at any time and could have a substantial impact upon each person's situation. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we are not qualified to render advice on tax or legal matters. You should discuss tax or legal matters with the appropriate professional. The examples throughout this material are for illustrative purposes only. Actual investor results will vary. Investing always involves risk and you may incur a profit or loss. No investment strategy can guarantee success. Ad Approval #2651739